Treasury Bond Futures Options Trading / 30-Year T-Bonds CBOT

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Treasury Bond tbonds Futures & Options Trading 30-year bond cbot

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U.S. 30-Year Treasury Futures Settlement Procedures

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t bond futures 30 year bonds options

 

 

U.S. Treasury bond futures / T-Bonds

U.S. Treasury Bond Futures

This product is based on the benchmark Treasury Bond, the longest maturity of any bond issued by the U.S. Treasury. The Treasury bond marketplace is deep and liquid. It is traded by a wide range of users, including hedgers, speculators, bankers, bond dealers, mortgage servicer's and portfolio managers.

Underlying Unit One U.S. Treasury bond having a face value at maturity of $100,000.

Deliverable Grades U.S. Treasury bonds that, if callable, are not callable for at least 15 years from the first day of the delivery month or, if not callable, have a remaining term to maturity of at least 15 years from the first day of the delivery month. Note: Beginning with the March 2011 expiry, the deliverable grade for T-Bond futures will be bonds with remaining maturity of at least 15 years, but less than 25 years, from the first day of the delivery month. The invoice price equals the futures settlement price times a conversion factor, plus accrued interest. The conversion factor is the price of the delivered bond ($1 par value) to yield 6 percent.

Price Quote Points ($1,000) and 1/32 of a point. For example, 134-16 represents 134 16/32. Par is on the basis of 100 points.

Tick Size
(minimum fluctuation)

One thirty-second (1/32) of one point ($31.25), except for intermonth spreads, where the minimum price fluctuation shall be one-quarter of one thirty-second of one point ($7.8125 per contract).

Contract Months The first three consecutive contracts in the March, June, September, and December quarterly cycle.

Last Trading Day Seventh business day preceding the last business day of the delivery month. Trading in expiring contracts closes at 12:01 p.m. on the last trading day.

Last Delivery Day Last business day of the delivery month.

Delivery Method Federal Reserve book-entry wire-transfer system.

Settlement Procedure Daily Treasury Settlement Procedures (PDF)

Final Treasury Settlement Procedures (PDF)

Position Limits Current Position Limits 

Block Minimum Block Trade Minimums 

All or None Minimum All or None Minimums 

Rulebook Chapter CBOT Chapter 18 

Trading Hours
(All times listed are Central Time)

OPEN OUTCRY MON - FRI: 7:20 a.m. - 2:00 p.m.
CME GLOBEX SUN - FRI: 5:00 p.m. - 4:00 p.m.

Ticker Symbol OPEN OUTCRY US

CME GLOBEX ZB

U.S. Treasury Bond Options

Underlying Unit One U.S. Treasury Bond futures contract of a specified delivery month.

Tick Size
(minimum fluctuation)

1/64 of a point ($15.625/contract), rounded up to the nearest cent/contract. For cabinet transactions only, minimum tick sizes range from $1.00 to $15.00, in $1.00 increments per option contract.

Strike Prices Strike prices will be listed in increments of one point. The minimum strike price range will include the at-the-money strike price closest to the current futures price plus the next thirty consecutive higher and the next thirty consecutive lower strike prices.

Contract Months The first three consecutive contract months (two serial expirations and one quarterly expiration) plus the next two months in the March, June, September, and December quarterly cycle. Serials will exercise into the first nearby quarterly futures contract. Quarterlies will exercise into futures contracts of the same delivery period.

Last Trading Day The last Friday which precedes by at least two business days the last business day of the month preceding the option month. Trading in expiring options ceases at the close of the regular CME Globex trading session for the corresponding futures contract.

Exercise American-style. The buyer of an option may exercise the option on any business day prior to expiration by giving notice to CME Clearing by 6:00 p.m. Options that expire in-the-money after the close on the last trading day are automatically exercised, unless specific instructions are given to CME Clearing by 6:00 p.m.

Expiration Unexercised options shall expire at 7:00 p.m. on the last trading day.

Position Limits None

Block Minimum Block Trade Minimums 

All or None Minimum All or None Minimums 

Rulebook Chapter CBOT Chapter 18A 

Trading Hours
(All times listed are Central Time)

OPEN OUTCRY MON - FRI: 7:20 a.m. - 2:00 p.m.
CME GLOBEX SUN-FRI: 5:00 p.m. - 4:00 p.m.

Ticker Symbol

CME GLOBEX OZB

Exchange Rule These contracts are listed with, and subject to, the rules and regulations of CBOT.

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